What is PMI? – Metro Detroit real estate
So really what is PMI? The way I explain PMI is that it is an insurance policy you have to pay for because you do not have 20% down. It is a simple fact that home buyers with less money invested into a home are more likely to default or let the home go into foreclosure. Whereas somebody that has invested 20% of the homes sale price isn’t as likely to let the home go. They do not want to lose all that money. PMI is an insurance policy provided to the bank/lender and is paid for by you. If you default the PMI company pays the bank. So PMI is a monthly insurance bill that is paid for by you the borrower. I hope this explains what PMI is? If you have any other real estate questions feel free to give me a call on my cell at (248)) 310-6239 or email me at yesmyrealtor@gmail.com I know how confusing the home buying process can be sometimes. Don’t let a bottom feeder ruin your Metro Detroit short sale Should I buy a condo now in Downtown Northville Michigan to build equity Metro Detroit realtor’s Military Past [wnt_grid keyid=”1″ title=”Wayne County homes for sale in Michigan” maptype=”disabled” ownertype=”all” paginated=”true” sortoptions=”true” maxresults=”50″ search_mode=”form” primarysearchtype=”active” searchtype=”city” state=”MI” single_family=”y” condo=”y” min_price=”450000″ max_price=”500000″ listing_status=”Active” county=”Wayne” /]
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